Yes and no. Its mandate is to keep the stability of the financial system, price stability, full employment..
As you can see, bailing out businesses, as you framed it, could be helpful in avoiding full fledged system collapse, which just happens to be their mandate.
Anything the fed does affects large and perhaps medium sized businesses directly. A couple of percent lower interest rate on their line of credit matters fuck all for small business facing a total collapse in demand.
Same with SBA loans - how much paperwork will it take to owe a huge sum to the government with an uncertain business environment in a few months? A lot of small places will just close.
Fiscal stimulus is the only approach to keep these businesses afloat. Honestly at this point it might be better to skip the middle man and cut checks to individuals.
